Evotec Stock Up As It Extends Neurodegeneration Partnership With Bristol Myers Squibb

Shares of Evotec SE (EVO) were gaining around 4 percent in the German trading after the drug maker announced Tuesday that it has extended and expanded its strategic partnership with Bristol Myers Squibb (BMY) in neurodegeneration, originally signed in 2016, for further eight years.

Under the neuroscience drug development partnership, Evotec receives a $50 million upfront payment, undisclosed license and performance milestone payments, as well as tiered royalties up to low double-digit percentages on product sales.

Including the upfront and downstream performance milestone payments, the overall transaction results in a deal potential of $4 billion.

With the planned 8-year extension of the strategic alliance, the companies aim to further broaden the programme pipeline in neurodegenerative diseases.

Evotec and Bristol Myers Squibb, formerly Celgene, initiated the collaboration in 2016 to identify disease-modifying treatments for a broad range of neurodegenerative diseases.

The company noted that the partnership has already been successful in generating a pipeline of discovery and pre-clinical-stage programmes. A first programme, EVT8683, was in-licensed by Bristol Myers Squibb in September 2021, following the successful filing of an IND application with the FDA and has proceeded into the clinical Phase I.

Cord Dohrmann, Chief Scientific Officer of Evotec, said, "This next extension beyond 2030 is a testament to the success and trust of the partnership as well as to the high degree of confidence placed in our platforms and the complementary approach to generate a leading pipeline of highly innovative drug candidates."

In Germany, Evotec shares were trading at 18.53 euros, up 4.28 percent.

For More Such Health News, visit rttnews.com

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
GameStop Corp. Wednesday disclosed that its Board of Directors has elected Chairman Ryan Cohen as Executive Chairman, effective immediately. In a filing with the U.S. Securities and Exchange Commission, the video game retailer said its Board on June 5 terminated Matthew Furlong as President and Chief Executive Officer with immediate effect. Shares of Inditex SA were gaining around 6 percent in the morning trading in Spain after the clothing firm that owns Zara reported Wednesday significant growth in its first-quarter profit on higher revenues as well as the absence of a prior year provision. Regarding the second quarter to date, the company said its store and online sales in constant currency between May 1 and June 4 increased 16.. The U.S. Consumer Product Safety Commission or CPSC, along with Golden, Colorado-based Boppy Co., urged consumers to stop using recalled Boppy Newborn Loungers, following reports of more infant deaths. They also asked online marketplaces to stop selling the recalled product. The company in September 2021 had recalled over 3.3 million infant lounging pillows after it was connected with deaths of 8
Follow RTT